Half a million for electric meter

Good day I got a monthly bill from my landlord where I have to pay a R1000.00 for the use of the electricity meter and then an account for usages. As I am a tenant now for 55 years x 12 months =660 months paying for the same meter that was never replaced. If that money was invested with compond interest the rental of this meter can be calculated at around R600 000.00 rand. That exclude all usage only rental of meter. Can this be true

Regards HC Smit